“Income from Business and Profession” covers income earned from freelancing work under the Income Tax. Freelancers can claim expenses incurred on such income while filing their ITR. Freelancers/ Professionals also have an option to opt for the presumptive taxation scheme under the income tax act.
Following are the Expenses that can be claimed:
- OFFICE SUPPLIES
- FUEL EXPENSES
- MEMBERSHIP FEES
- ADVERTISEMENT EXPENSE
- BOOKS, MAGAZINES, REFERENCE MATERIAL
- TRAVELING EXPENSES
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